We are happy to welcome Jussi Karttila as our guest blogger to tell his thoughts on “How to get started with contract management”.
What contract management means to you?
Double-checking you have the latest contract template? Trying to figure out the best place to save your contracts? Making sure everyone in your organization follows the contract process guidelines you have made?
To me, contract management is all the things that happen before the contract is signed (pre-sign), the actual signing event, and what happens after the deal is closed (post-sign). A big part of my day goes to thinking how technology can make all these steps as smooth and efficient as possible.
For what seems like an eternity, contracts were one of the last islands untouched by the digitalization of business. Today, legal technology is taking huge leaps forward and legal teams finally have access to tools and services that allow them to work smarter and focus on the things that really add value. But what is the go-to, full-stack legal technology solution that all companies should now add to their shopping carts? The one that will work today, tomorrow and for all eternity?
The good news is that there’s no such thing. There is no one-size-fits-all solution that solves all your contract management needs. Instead, there are many solutions that solve specific parts of the problem really well and ideally work nicely together.
For example, Contract Mill’s solution is a perfect tool for the pre-sign phase, letting you automate creation of any document with smart templates and clause libraries. There’s a great deal of work in innovating these kinds of products – and making them really easy to use.
The starting point for a good contract management process is understanding your own, unique needs and where your organization wants to go next. Then, select the tools that match your needs and processes – don’t let the tools define how your organization works. If you want to understand the possibilities of modern legal technology tools, I invite you to check out our post on contract management in the digital era. It gives you a good overview on how to get started and update your current processes to match today’s best practices.
We live in exciting times – legal technology is here to stay!